The conclusions come from a survey of 50 government, academic and industry experts

It's common to walk into stores and see certain appliances with the Energy Star label, meaning these refrigerators and washing machines are energy efficient. Efforts such as this are made to reduce our energy consumption, and while the International Energy Outlook 2011 report from the U.S. Energy Information Administration predicts that worldwide energy will increase 53 percent by 2035, two economists say otherwise.

According to a paper written by economists Ahmad Faruqui and Doug Mitarotonda, who work for consulting firm The Brattle Group, the consumption of electricity will decrease 5 to 15 percent by 2020. The conclusions come from a survey of 50 government, academic and industry experts, according to MSNBC.

Faruqui and Mitarotonda say that the drop will occur due to Energy Star appliances, less usage of incandescent light bulbs, incentives that encourage users not to consume as much energy during peak hours (such as tiered pricing and smart meter technology), and other programs that raise awareness of people's energy consumption.

"The survey results clearly repudiate the notion that the age of energy efficiency has come to an end," wrote Faruqui and Mitarotonda in the paper. "On the contrary, they herald a new beginning for energy efficiency."

Faruqui and Mitarotonda referred to this age of energy efficiency as integrated demand-side management, or iDSM. This era, according to the economists, encompasses the above-mentioned practices taking place to lessen energy use.

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